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A day after the finance ministry brokered a truce between two financial sector regulators, SEBI today said any new ULIP scheme launched after April 9, 2010 by insurance companies will remain covered by its earlier ban order.
Industry body Assocham today suggested that Indian companies’ earning from overseas firms, in which they hold over 10 per cent stake, should be exempted from income tax. The move, the chamber said, would help Indian entrepreneurs bring back their foreign exchange income earned outside India and invest it domestically.
Britain’s Labour party has promised to make it more difficult for Indian and other foreign companies to take over British firms by requiring two-thirds of shareholders at the target company to approve a change of ownership, up from the current 50.1 per cent. Releasing the manifesto, Prime Minister Gordon Brown promised a ‘national renewal’, and insisted that Labour was in ‘the future business’.
The Central Government have approved notification of the following areas as ‘specified territory’ for the purpose of Explanation 2 to Section 90 of the Income Tax Act 1961 – (i) Bermuda, (ii) British Virgin Islands, (iii) Cayman Islands, (iv) Gibraltar, (all British Overseas Territories); (v) Guernsey, (vi) Isle of Man, (vii) Jersey, (all British Crown Dependencies); (viii) Netherlands Antilles (an Autonomous Part of the Kingdom of Netherlands); and (ix) Macau (a Special Administrative Region of the People’s Republic of China).
The Institute of Chartered Accountants of India (ICAI has signed a Memorandum of Understanding (MOU) with the Central Board of Excise and Customs (CBEC). Giving this information here today the President of ICAI, Shri Amarjit Chopra, said that under it the practicing members of ICAI will provide facility of e-filing of returns and documents to Central Excise and Service Tax assessees through Certified Facilitation Centres (CFCs).
Some of the members have expressed the concern that their matters especially regulatory affairs like Form 2, Form 6, Form 18 etc., are not expeditiously disposed off thereby causing avoidable inconvenience/hardship.
Chartered Accountants in practice for one year or more may become Certified Facilitation Centre (CFC) for providing facilities to Central Excise and Service Tax assessees to file returns and other documents electronically under Automation of Central Excise and Service Tax (ACES) Project of the CBEC.
The income-tax department is making a last-ditch effort to lay its hands on the $8 billion allegedly stashed away by Hasan Ali Khan, a Pune-based stud farm owner, who is being investigated by the income-tax department as well as the Enforcement Directorate (ED), which deals with violations of rules governing use of foreign currency.
The Institute of Company Secretaries of India (ICSI) is working towards creating more number of company secretaries from rural and semi-urban areas in the east, Mamta Binani, the first lady chairperson of the Eastern India Regional Council of ICSI, said on Monday.
The periodic disclosures have been notified by the Authority. In order to have uniformity among the insurers on disclosures and to clarify the doubts raised by certain insurers and other stakeholders, Authority provides the following guidelines on periodic disclosures.
